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AAFM GLO_CWM_LVL_1 Exam - Topic 7 Question 33 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 33
Topic #: 7
[All GLO_CWM_LVL_1 Questions]

Akash owns a piece of land situated in Kolkata ( Date of acquisition : March 1, 1983, Cost of acquisition Rs. 20,000/- value adopted by Stamp duty authority at the time of purchase Rs. 45,000/-) On March 30, 2012 the piece of land is transferred for 4 lakh. Find out the capital gains chargeable to tax if the value adopted by the Stamp duty authority is 5.75 lakh. And X files an appeal under the Stamp Act and Stamp duty valuation has been reduced to Rs. 4.90 lakh by the Kolkata High Cout. [CII-12-13: 852,11-12: 785,10-11:711]

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Suggested Answer: B

by Cyril at May 09, 2022, 12:48 PM

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Chaya
2 months ago
Wait, how did the valuation drop to 4.90 lakh? That’s surprising!
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Vivienne
2 months ago
I'm leaning towards option A, seems right.
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Gilberto
3 months ago
The cost of acquisition was Rs. 20,000.
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Rashida
3 months ago
}
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Judy
3 months ago
]
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Lorrie
3 months ago
}
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Jeff
3 months ago
"Still unsure about the exact index figures needed from 1983 to 2012, but the approach matches the mock questions we did."
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Belen
4 months ago
"Candidate D",
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Roxanne
4 months ago
},
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Jeff
4 months ago
"So the LTCG would be computed using the indexed cost (20,000), with the higher value (sale or stamp) as the sale consideration."
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Belen
4 months ago
"Candidate C",
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Edison
4 months ago
{
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Eleonore
5 months ago
I think the capital gains tax will be significant here.
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Luisa
5 months ago
Totally agree, option A makes the most sense!
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Mattie
5 months ago
},
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Jeff
5 months ago
"I recall a similar practice question: compare actual sale price with stamp duty value, take the higher as the consideration for CG calculation."
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Belen
5 months ago
"Candidate B",
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Daniel
6 months ago
{
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Kimberlie
6 months ago
},
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Jeff
6 months ago
"We’d use indexation for the cost of acquisition from 1983 to 2012; and under 50C, stamp valuation can replace the sale consideration if it’s higher."
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Belen
6 months ago
"Candidate A",
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Rana
6 months ago
{
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Quiana
6 months ago
[
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Pearly
7 months ago
{
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Nan
7 months ago
I'm pretty confident this is asking about MongoDB commands, so I'll focus on the options related to indexes. I think option A, "db.collection.showIndexes()", sounds like the right command to get all the indexes on a collection.
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Maybelle
7 months ago
This is a good one. I know the IT Management Suite 8.1 pretty well, so I think I can narrow this down quickly. I just need to double-check that the two options I select meet both requirements.
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Dorinda
7 months ago
This is a good test of my understanding of cloud services. I'll make sure to read the question thoroughly and consider all the details before selecting my answer.
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Reuben
7 months ago
Option C seems like a good choice too because empowerment can lead to innovative solutions. I think we covered that in our previous practice questions!
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